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News Release of Kobelco Cranes Co., Ltd. > Kobelco and Manitowoc Crane Group Sign Lattice-Boom Crawler Crane Supply Agreeme

News Release of Kobelco Cranes Co., Ltd.

March 16 ,2005

Kobelco and Manitowoc Crane Group Sign Lattice-Boom Crawler Crane Supply Agreement for Europe

Kobelco Cranes Co., Ltd. and Manitowoc Crane Group, a business entity of The Manitowoc Company, Inc. announced an agreement for Kobelco to manufacture and supply a range of lattice-boom crawler cranes to be sold in Europe by Manitowoc Crane Group.

The agreement covers a range of Kobelco-manufactured cranes under 110 metric tons, with sales beginning in Europe in the third quarter of 2005. All new models will be branded as Manitowoc cranes and will be sold and supported under Manitowoc’s existing distribution network. Kobelco will continue to sell and support its current complete crawler crane product line under its European distribution system.

This new supply agreement complements a series of previously announced agreements between the two companies, which allow both companies to better serve their respective markets and customers. Under this business relationship, Kobelco supplies certain lattice-boom crawler cranes for distribution in North America under the Manitowoc brand, and Manitowoc supplies certain all-terrain cranes for distribution in Japan under the Kobelco brand.

Glen Tellock, Manitowoc Crane Group president, said: “Manitowoc Crane Group is very excited about our expanding and successful relationship with Kobelco Cranes. The fact is that both companies have a similar outlook on customers, products, and service. These similarities have allowed us together to find ways to better serve our customers.”

Takashi Ishida, Kobelco Cranes president, remarked: “We recently held a launching ceremony for Kobelco branded all-terrain cranes for the Japanese market, supplied by Manitowoc. Our customers are showing good response to the newly introduced models. I truly believe that Manitowoc is the best alliance partner in the industry.”

About Kobelco Cranes Co., Ltd.

Kobelco Cranes Co., Ltd. is one of Japan fs largest manufacturers of lifting equipment. The company started in 1930 as a division of Kobe Steel and produced the first ever piece of construction machinery built in Japan, an electric mining shovel. Today it manufactures a wide range of models sold all over the world. Formerly the crane division of Kobelco Construction Machinery Co., Ltd., Kobelco Cranes became an independent company last year and a 100% owned subsidiary of Kobe Steel, Ltd. It manufactures a range of crawler cranes from 35 metric tons to 800 metric tons capacity and also supplies rough terrain mobile cranes.

About the Manitowoc Company

The Manitowoc Company, Inc. is one of the world’s largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.

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